Philippines digital currency exchange Philippine Digital Asset Exchange (PDAX) is preparing to embrace digital currency usage and adoption, after describing current conditions as “a golden age” for the digital expansion of financial services.
It comes after PDAX confirmed its latest capital raise of $12.5 million from a U.K. venture capital group, in partnership with BC Group. The round saw the majority of existing investors in the exchange increase their investments in the company, both local and international.
Founder and chief executive of PDAX Nichel Gaba said the latest investment round would provide ammunition for further expansion of growth strategies for both the short and long term.
“We are in a golden age of cryptocurrency adoption and technology-driven transformation in the Philippines. We are already making remittances into the country much cheaper by helping remittance companies utilize cryptocurrencies and providing them with a deep and liquid market to convert crypto into Philippine pesos,” he said.
Gaba said the exchange would be looking to roll out support for a number of new tokens, supporting an explosion in the number of use cases being deployed in the Philippines, including NFTs and gaming tokens.
In particular, he spoke of the growing trend of play-to-earn models, vowing to put PDAX’s full support behind this developing and emerging sector.
“[Certainly] people find it worth their while to derive income from playing games and earning tokens that need to be exchanged for Philippine peso. So PDAX, being an exchange that aims to provide liquidity for these tokens, sees itself supporting that space by providing faster and more efficient conversions.”
The funding comes at a time of strong growth in the digital currency industry in the Philippines, which is already benefiting from more flexible financial services through digital currencies and other digital assets.
With PDAX among the country’s leading crypto exchanges, the funding comes as a further vote of confidence in the Philippines as an emerging destination for digital currency industries.
